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- anonymous

What would be the formula for "Find the average daily balance, including new purchases."? (there is a picture for this question and I'd include it but, I don't know how yet)

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Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
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- anonymous

- katieb

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- jim_thompson5910

You can attach files by clicking "attach file" under the text box

- jim_thompson5910

Or you can host the pic on a site like imgur or something, then give the link

- anonymous

(took me a second to see what you were talking about, I literally just joined the site) thanks!

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- anonymous

I'm just not sure which numbers to add and which ones to subtract...

- jim_thompson5910

ok so what the average daily balance does is find the balance for the whole month, as if it were a snapshot. The balance changes quite a bit, but the credit card company only charges interest on one figure: the average daily balance

- anonymous

ok

- jim_thompson5910

what we do is multiply the number of days with the balance for that time period
eg:
675*5 = 3,375
1085*1 = 1085
1085*9 = 9,765
etc etc

- jim_thompson5910

then you add all of those products up and then divide by 31 (the total number of days in the month)

- anonymous

ok, thank you!!!! :)

- jim_thompson5910

tell me what you get

- anonymous

$541.45?

- jim_thompson5910

I'm getting the same

- anonymous

thank you thank you thank you!! :D

- jim_thompson5910

so this is the balance that the CC company will use to figure out the finance (ie interest) charge

- jim_thompson5910

you're welcome

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